China's #2 carrier-neutral data-center operator, re-rated into a leveraged AI-capacity call — wholesale/AI revenue compounding ~80%/yr with a fresh ~US$1B CATL strategic anchor, but a GAAP-loss-making, ~5x-levered VIE whose bottom line is hostage to interest, convert-fair-value swings and a punitive tax line; buy the EBITDA growth + CATL optionality at ~10x EV/EBITDA (a discount to GDS), underwrite the balance sheet and the China-ADR/governance tail.

VAST Data

Vantage Data Centers

The picks-and-shovels of Stargate — a DigitalBridge/Silver Lake-owned hyperscale developer whose credit quality is real (A-rated ABS on hyperscaler leases) but whose 2026-vintage growth is now underwritten by a single, unprofitable AI counterparty (OpenAI). Watch the tenant, not the towers.

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The purest private-market proxy for the US colocation land-grab — a 1.5GW+ Tier-5 platform DigitalBridge is marking from $11B (2022) toward ~$50B (2025-26) on AI-factory demand; the alpha is in the re-IPO / secondary window, but a 10x-vote founder, a related-party real-estate history, and a parent (DigitalBridge) itself being swallowed by SoftBank are the three governance cracks that decide whether the markup is real or narrative.